Forterra Announces Strategic Exchange of Assets
February 01 2018 - 6:27PM
Forterra, Inc. (“Forterra” or the "Company”) (NASDAQ:FRTA), a
leading manufacturer of water and drainage infrastructure pipe and
products in the United States and Eastern Canada, today announced
that it has completed a transaction to exchange certain of its
drainage assets in Alabama, Georgia and Tennessee for assets owned
by Foley Products Company in Mississippi and Texas plus $10 million
in cash. While not expected to be material to Forterra’s financial
results, the transaction reflects the Company’s continued focus on
portfolio management to deliver long-term value by enhancing its
position in well-structured markets. The transaction is
subject to customary working capital adjustments.
About ForterraForterra is a leading
manufacturer of water and drainage pipe and products in the U.S.
and Eastern Canada for a variety of water-related infrastructure
applications, including water transmission, distribution, drainage
and stormwater management. Based in Irving, Texas, Forterra’s
product breadth and significant scale help make it a one-stop shop
for water related pipe and products, and a preferred supplier to a
wide variety of customers, including contractors, distributors and
municipalities. For more information on Forterra, visit
http://forterrabp.com.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read
as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. Forward-looking
statements are based on historical information available at the
time the statements are made and are based on management's
reasonable belief or expectations with respect to future events,
and are subject to risks and uncertainties, many of which are
beyond the Company's control, that could cause actual performance
or results to differ materially from the belief or expectations
expressed in or suggested by the forward-looking statements.
Forward-looking statements speak only as of the date on which they
are made and the Company undertakes no obligation to update any
forward-looking statement to reflect future events, developments or
otherwise, except as may be required by applicable law. Investors
are referred to the Company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K, for
additional information regarding the risks and uncertainties that
may cause actual results to differ materially from those expressed
in any forward-looking statement.
CONTACT:David LawrenceVice President, Treasury
and Investor RelationsForterra,
Inc.469.299.9113IR@forterrabp.com
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